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H4 Power

  • #781
  • Jan 12, 2014 3:19pm Jan 12, 2014 3:19pm
Quoting lucas101
{quote} but i saw one of your trade on EJ last week was against the trend ，donot you think is a retrace in the weekliy trend。。。
i think you missed the last line

", but im not against a signal in the direction of a retrace either."
tradewith60
  • #782
  • Jan 12, 2014 3:32pm Jan 12, 2014 3:32pm
Quoting 60minuteman
{quote} i think you missed the last line ", but im not against a signal in the direction of a retrace either."
sorry，i missed the last line，i have a important question to consult you ，like the GJ this week ，it doesnot close an engulf bar，for your rule ，is only to trade long GJ on 4h engulf candle？？or you pass all of them？？
  • #783
  • Jan 12, 2014 3:40pm Jan 12, 2014 3:40pm
Quoting lucas101
{quote} sorry，i missed the last line，i have a important question to consult you ，like the GJ this week ，it doesnot close an engulf bar，for your rule ，is only to trade long GJ on 4h engulf candle？？or you pass all of them？？
No..

my weekly bar is indicating price will move down to a weekly SR at least, we dont know which one until we get there, I could short it down to the weekly SR and then wait for H4 to tell me where we are going next, that may be down more or back in the direction of the monthly trend.
tradewith60
  • #784
  • Jan 12, 2014 3:47pm Jan 12, 2014 3:47pm
Quoting 60minuteman
{quote} No.. my weekly bar is indicating price will move down to a weekly SR at least, we dont know which one until we get there, I could short it down to the weekly SR and then wait for H4 to tell me where we are going next, that may be down more or back in the direction of the monthly trend.
thank you for your answer ，
  • #785
  • Jan 12, 2014 3:56pm Jan 12, 2014 3:56pm
Hey 60, what about my post #776? Am I on the right track? Tkanks to your effort, this week I will start to pull trirggers
  • #786
  • Jan 12, 2014 4:02pm Jan 12, 2014 4:02pm
Quoting lucariga
Hey 60, what about my post #776? Am I on the right track? Tkanks to your effort, this week I will start to pull trirggers
yes, it's a decent plan, the only part im not sure about is closing when h4 close against... have you got a plan to re-enter if the next bar goes back in the direction?
tradewith60
  • #787
  • Jan 12, 2014 5:31pm Jan 12, 2014 5:31pm
Quoting 60minuteman
{quote} yes, it's a decent plan, the only part im not sure about is closing when h4 close against... have you got a plan to re-enter if the next bar goes back in the direction?
No, Don't have any plan to re-enter. I'm understanding that the most tricky part is the exit.

I thought that a good exit strategy should have been to exit wen price turn against me at a SR, because some posts above you said: "when you mark the next SR lines on your chart you are marking lines to observe price action and make decisions, there's no reason price cannot steam straight through and begin a 3 week trend, this is a key element of h4power....1.mark lines. 2. wait for price action confirmation 3. trade"

Can you explain me a good exit strategy?

Thanks in advance
  • #788
  • Jan 12, 2014 5:35pm Jan 12, 2014 5:35pm
Quoting lucariga
{quote} No, Don't have any plan to re-enter. I'm understanding that the most tricky part is the exit. I thought that a good exit strategy should have been to exit wen price turn against me at a SR, because some posts above you said: "when you mark the next SR lines on your chart you are marking lines to observe price action and make decisions, there's no reason price cannot steam straight through and begin a 3 week trend, this is a key element of h4power....1.mark lines. 2. wait for price action confirmation 3. trade" Can you explain me a good exit...
Hi Lucariga, well if you are in the direction of higher TF trend you can stay in and accept less wins, but much bigger wins, a close down is only indicating a retrace.
tradewith60
  • #789
  • Jan 12, 2014 8:06pm Jan 12, 2014 8:06pm
Quoting 60minuteman
{quote} ok Lucariga.... Confirmation is just about reading the last close and the last engulfs on the different timeframes, until we have a close off a line of SR we can not assign strength to it..........here's GJ here's GJ weekly... next week down or up?.... we closed down but no engulf.....so.... down a bit but no trend change yet??? {image} lets see what daily says.... daily engulf short, that's also saying more down, this has an engulf so it's going to need that weekly SR also {image}
if you know where price needs to get then entries become almost irrelevant

took the gj down to the next line..
Attached Image (click to enlarge)
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tradewith60
  • #790
  • Jan 13, 2014 1:59am Jan 13, 2014 1:59am
Quoting 60minuteman
{quote} Hi Lucariga, well if you are in the direction of higher TF trend you can stay in and accept less wins, but much bigger wins, a close down is only indicating a retrace.
Ok 60, perfect. So I won't exit on a simple 4H close against me. Now I know when NOT to exit.....

But the question is: When to exit?

PS: Nice trade on GJ . You make this "game" sound so easy
  • #791
  • Jan 13, 2014 2:52am Jan 13, 2014 2:52am
Quoting lucariga
{quote} Ok 60, perfect. So I won't exit on a simple 4H close against me. Now I know when NOT to exit..... But the question is: When to exit? PS: Nice trade on GJ . You make this "game" sound so easy
Hi Lucariga,

the game is easy,

1. enter with momentum when the market changes direction.
2. hold for bigger wins

p.s look at GJ +150 overnight, only paused at the first line, then pushed through..

Can you see how H4 did not confirm the first weekly line, so it was worth the risk of aiming for line 2.
Attached Image (click to enlarge)
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tradewith60
  • #792
  • Jan 13, 2014 3:44am Jan 13, 2014 3:44am
Quoting 60minuteman
{quote} Hi Lucariga, the game is easy, 1. enter with momentum when the market changes direction. 2. hold for bigger wins p.s look at GJ +150 overnight, only paused at the first line, then pushed through.. Can you see how H4 did not confirm the first weekly line, so it was worth the risk of aiming for line 2. {image}
60,

What was the entry signal for the chart above... .. the h4 engulf was many bars ago... this seems to be some kind of reentry from break of retracement (2 little green bars)...



Kim
  • #793
  • Jan 13, 2014 3:50am Jan 13, 2014 3:50am
Quoting luesak
{quote} 60, What was the entry signal for the chart above... .. the h4 engulf was many bars ago... this seems to be some kind of reentry from break of retracement (2 little green bars)... Kim
Daily/H1
tradewith60
  • #794
  • Jan 13, 2014 3:59am Jan 13, 2014 3:59am
Quoting 60minuteman
{quote} Hi Lucariga, the game is easy, 1. enter with momentum when the market changes direction. 2. hold for bigger wins p.s look at GJ +150 overnight, only paused at the first line, then pushed through.. Can you see how H4 did not confirm the first weekly line, so it was worth the risk of aiming for line 2. {image}
Thank you 60, I think I've understood a bit when NOT to exit cause you did explain it very well.

Let's move a step further. Now the question is: When to take profit? Which rule, if any, are you using to exit an open trade?

How many (and what) pairs are you trading at the moment?
  • #795
  • Edited 8:01am Jan 13, 2014 7:44am | Edited 8:01am
First trade USDCAD 4H long.... Doesn't seem to go very well

EDIT: Unfortunately STOPPED OUT on my first trade

Attached Image (click to enlarge)
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  • #796
  • Jan 13, 2014 7:57am Jan 13, 2014 7:57am
Quoting lucariga
First trade USDCAD 4H long.... Doesn't seem to go very well {image}
Luc,

Keep it up. It's ok. It'll work. It works. Believe.
I was watching UC as well... I once had a pending order but cancelled because I felt it was quite extended. That previous peak also hit a monthly S/R.

The trade is still undecided though.

Kim
  • #797
  • Jan 13, 2014 7:57am Jan 13, 2014 7:57am
Quoting lucariga
First trade USDCAD 4H long.... Doesn't seem to go very well {image}
yeah bit late on that move Luca
tradewith60
  • #798
  • Jan 13, 2014 8:04am Jan 13, 2014 8:04am
Quoting 60minuteman
Going to go through a pair all week with analysis and entries, so first up is the context and levels, GBP/JPY http://www.youtube.com/watch?v=ynmtU...ature=youtu.be
perfect respect of the levels... going to that monthly now
tradewith60
  • #799
  • Jan 13, 2014 8:10am Jan 13, 2014 8:10am
Quoting 60minuteman
{quote} yeah bit late on that move Luca
Is my first week, so I just want to follow the rules.
Last week engulfed so I've taken the first 4H engulfing.... No problem at all for the loss. I'll stick with the rules

@Luesak
Quote: "I was watching UC as well... I once had a pending order but cancelled because I felt it was quite extended. That previous peak also hit a monthly S/R."

60 hasn't any rule about overextended price, and yes, previous weekly did hit not only a monthly SR but at least 5 monthly SR and broke them like butter.
Other than that last weekly was a BIG engulfing, so more up until at least last week high at 1.0945
  • #800
  • Jan 13, 2014 8:19am Jan 13, 2014 8:19am
Quoting lucariga
{quote} Is my first week, so I just want to follow the rules. Last week engulfed so I've taken the first 4H engulfing.... No problem at all for the loss. I'll stick with the rules @Luesak Quote: "I was watching UC as well... I once had a pending order but cancelled because I felt it was quite extended. That previous peak also hit a monthly S/R." 60 hasn't any rule about overextended price, and yes, previous weekly did hit not only a monthly SR but at least 5 monthly SR and broke them like butter. Other than that last weekly was a BIG engulfing,...
yes, just unfortunate you didnt get the move start last week... keep going
tradewith60
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